TAXES PAYABLE (Tables)

9 Months Ended

Mar. 31, 2016

Taxes Payable [Abstract]

Schedule of Tax Payable [Table Text Block]

Taxes payable consisted of the following:

	March 31,		June 30,
	2016		2015
VAT provision	$	48,938	$	27,251
Income tax payable		3,123,472		3,778,339
Other levies		677,902		698,952
Total	$	3,850,312	$	4,504,542

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

Actual income tax benefit reported in the consolidated statements of income and comprehensive income differ from the amounts computed by applying the US statutory income tax rate of 34% to income before income taxes for the nine months ended March 31, 2016 and 2015, as shown in the following tables:

March 31, 2016

	China				United States
	15% - 25%				34%				Total
Pretax income (loss)	$	24,931,875			$	(3,973,888)			$	20,957,987
Expected income tax expense (benefit)		6,232,969	25	%		(1,351,122)	34.0	%		4,881,847
High-tech income benefits on Jinong		(1,729,430)	(6.94)	%		-	-			(1,729,430)
Losses from subsidiaries in which no benefit is recognized		663,358	2.66	%		-	-			663,358
Change in valuation allowance on deferred tax asset from US tax benefit		-				1,351,122	(34.0)	%		1,351,122
Actual tax expense	$	5,166,897	21	%	$	-	-	%	$	3,061,993	24.7	%

 March 31, 2015

	China				United States
	15% - 25%				34%				Total
Pretax income (loss)	$	35,186,323			$	(7,472,676)			$	27,713,647
Expected income tax expense (benefit)		8,796,581	25.0	%		(2,540,710)	34.0	%		6,255,871
High-tech income benefits on Jinong		(2,305,732)	(6.6)	%		-	-			(2,305,732)
Losses from subsidiaries in which no benefit is recognized		(40,527)	(0.1)	%		-	-			(40,527)
Change in valuation allowance on deferred tax asset from US tax benefit		-				2,540,170	(34.0)	%		2,540,710
Actual tax expense	$	6,450,322	18.3	%	$	-	-	%	$	6,540,322	23.3	%